Anthony G. Sciarra, Wire Fraud, Connecticut 2016

State: Connecticut
Category: Fraud &#038; Financial Crimes
Source: <a href="https://www.justice.gov/usao-ct/pr/wethersfield-resident-admits-operating-investment-scheme" style="color:#cc0000;" target="_blank" rel="nofollow noopener">DOJ Press Release ÃƒÂ¢Ã¢â‚¬Â Ã¢â‚¬â€

Wethersfield resident Anthony G. Sciarra, 53, has admitted to operating a massive investment scheme that defrauded individuals and couples of more than $874,000, according to U.S. Attorney Deirdre M. Daly.

Sciarra waived his right to be indicted and pleaded guilty to one count of wire fraud before U.S. District Judge Michael P. Shea in Hartford. The plea deal is a major blow to the community, where Sciarra’s scheme had left many victims financially ruined.

According to court documents, Sciarra operated AGS Financial, through which he offered insurance, securities, and other financial products. However, in 2012, the Connecticut Department of Insurance revoked Sciarra’s insurance license, shutting down his operation.

Undeterred, Sciarra continued to solicit investments from various victim-investors with promises of high annual investment returns ranging from 4 percent to 12 percent or more. However, instead of investing their funds as promised, Sciarra diverted the money for his personal use, including paying for restaurant meals and department store purchases, and to pay loans and other personal bills.

The investigation revealed that Sciarra also made large cash withdrawals from ATMs and at Foxwoods Casino. Furthermore, Sciarra used some of the funds to make ‘interest’ payments to other victim-investors, further fueling the scheme.

Through this scheme, Sciarra defrauded at least 12 victim-investors of approximately $874,000. His sentencing is scheduled for April 26, 2017, at which time he faces a maximum term of imprisonment of 20 years. He was released on a $100,000 bond pending sentencing.

The investigation was conducted by the Federal Bureau of Investigation, with the assistance of the Connecticut Department of Banking, Securities Division. The case is being prosecuted by Assistant U.S. Attorney Michael S. McGarry.

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